Euro Crisis: Desperately Seeking Silver Linings

Euro Crisis: Desperately Seeking Silver Linings

ALL appears (relatively) quiet in Europe these days. Political battles have been subdued in recent months and bond yields have been surprisingly well behaved at levels that are almost tolerable. Calm has yet to produce growth, however, and while the macroeconomic picture looks grim the odds of another round of euro-crisis panic will remain distressingly high.

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